Hanwha offers up to $1.2b for Austal’s US shipbuilding arm

Hanwha Group is seeking to acquire the US arm of Austal, Australia's biggest shipbuilding company, in a move to substantially strengthen the South Korean conglomerate’s shipbuilding and defense presence in the US. Hanwha Defense USA, a US subsidiary of Hanwha Aerospace, said Tuesday it has submitted “a preliminary, non-binding offer to acquire Austal’s US business.” “Any deal will be contingent on due diligence that permits a thorough evaluation of Austal USA’s operations and financials, includi